Martin Lewis is urging Brits to secure a lasting power of attorney or risk a 'costly' nightmare for their loved ones. The MoneySavingExpert founder made an urgent case for why millions need to act now, regardless of age or health.
Why a Power of Attorney is More Important Than a Will
Lewis explains that while a will dictates what happens to assets after death, a lasting power of attorney covers who can manage finances and assets if a person loses capacity while alive. He warns that losing capacity is far more common than most assume, whether through Alzheimer's, dementia, severe stroke, or accident.
'The idea that someone else can simply take over your finances and your health and welfare decisions is not true,' Lewis states. Without a lasting power of attorney, the only option is the Court of Protection, which he describes as 'costly, difficult, expensive, and incredibly stressful.'
The Consequences of Not Acting
The Court of Protection process can take months, cost thousands, and cause significant distress. In contrast, a lasting power of attorney gives a trusted person legal authority to make financial, health, and welfare decisions if capacity is lost. Lewis emphasises that setting one up does not hand over control immediately; it simply provides protection if needed.
'I've had one in place since I was in my 30s. I have no foreseeability of losing my capacity that I'm aware of, but I have one in place in the event that someone needs to take over,' he shares from personal experience.
Common Misconceptions
Lewis warns against assuming a family member can simply walk into a bank and access an account. 'Don't simply assume that someone could go and get access to your bank account. It's not easy.' The problem is that most people only think about lasting power of attorney when it is too late to set one up, as it cannot be arranged retrospectively.
A spokesperson for Single Mothers Aid commented: 'This is one of those things that feels easy to put off because it involves thinking about difficult scenarios most people would rather not consider. But Martin is right that waiting until something happens is not an option — once someone has lost capacity, a lasting power of attorney can no longer be set up. The process is straightforward and relatively inexpensive, and the peace of mind it gives is significant. It is one of the most important things anyone can do for their family, at any age.'
